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Commerce Ministry sets Thailand’s export growth target at 4% for 2021


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Commerce Ministry sets Thailand’s export growth target at 4% for 2021

Suwit Rattiwan

 

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BANGKOK (NNT) - Thailand has seen export growth of 0.35 percent in the first month of the year. The Commerce Minister has ordered the Department of International Trade Promotion to advance an action plan to accelerate growth, which is set at 4 percent this year.

 

An advisor to the Commerce Minister, Malika Boonmeetrakul, has revealed that Thai commercial attaches in 43 countries around the world have been working to boost the export growth of Thailand within a framework that focuses on three objectives: working with the private sector to evaluate the export situation of each Thai product in each country, boosting the number of participants at trade fairs, and expanding trade through online platforms in foreign markets, especially India, the United States, ASEAN countries and China.

 

Thai products with potential for export include agricultural and food products; products associated with the "new normal" way of living; fashion products, and heavy industry products as well as service businesses.

 

Malika said the department was set to organized more than 100 trade fairs this year, and the ministry also aimed to push Thailand to become a world center for high quality food and agricultural products. The framework and its three objectives will be the key to driving Thailand’s export growth to reach 4 percent as targeted this year.

 

 

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Pretty sad outlook when the objective is 4% higher than the pandemic year. Exports were down pre pandemic already. This gov's high ฿ policy is hurting the Thai economy in so many ways. 

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Setting the expectations at a 4% growth is setting the bar kind of high.  They should just say we expect some type of growth, but then it is unknown what it will be.  Guess by setting the expectation at 4% they will get a few investors more than if they said my view.  Good luck on any export growth unless you reign in the high flying Baht.  Looking like gold exports will be down for the year as most families have probably already dispersed with the asset class to live daily life.  Unless vaccinations are rolled out in largess, then I believe the unemployment will continue to climb.

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1 hour ago, ThailandRyan said:

Setting the expectations at a 4% growth is setting the bar kind of high. 

It's easy; 0.35% after 1st month X 12 = 4.2. 

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5 hours ago, webfact said:

The Commerce Minister has ordered the Department of International Trade Promotion to advance an action plan to accelerate growth, which is set at 4 percent this year.

I would be very interested in seeing what this "action plan" actually entails........it seems obvious every country in the world should copy it and we will all be better off?

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32 minutes ago, mikebell said:

It's easy; 0.35% after 1st month X 12 = 4.2. 

Think your confused just a little.  One month doesn't make an average nor does it make a projection possible if the economic factors are stagnant.

Edited by ThailandRyan
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There are those of you making comments about Thai exports with no real knowledge of what you are talking about.

Suggest look at export figures which are still very healthy even with the hiccups of the last 2 years.

Very healthy for the size of the country.

What they need to do is to stop the shipping companies from price gouging.

Over 100% increase in container shipping costs over 14 months is very hard to justify 

& some should be outlawed as they are holding exporters to ransom

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Until the ministry complies with E-trade and E-commerce.... as already proposed by 5 Ambassadors of The G8, it will not happen. 

 

Until the reforms pass... forget about it. 

 

 

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22 hours ago, ThailandRyan said:

Think your confused just a little.  One month doesn't make an average nor does it make a projection possible if the economic factors are stagnant.

Sorry you missed my sarcasm.  I was trying to underline the simplistic nature of Thai arithmetic.  TAT extrapolates millions of tourists per annum based on a sample conducted in their office.

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3 minutes ago, mikebell said:

Sorry you missed my sarcasm.  I was trying to underline the simplistic nature of Thai arithmetic.  TAT extrapolates millions of tourists per annum based on a sample conducted in their office.

Got it, thanks for the clarification, sometimes I can be a little slow on the uptake.

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Just now, ThailandRyan said:

Got it, thanks for the clarification, sometimes I can be a little slow on the uptake.

I'm 78 and this happens all the time.

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